A committee set up when the Bank of England was granted independence in 1997 to advise on monetary policy and changes in interest rates. The MPC consists of the Governor of the bank and eight other members, drawn half from the bank’s own staff and half from outside. The MPC meets monthly, and its minutes are published, with a short time lag.

http://www.bankofengland.co.uk/monetarypolicy/overview.htm The Bank of England web page for the Monetary Policy Committee.